Bonds
Record Trade in 10-Year Futures Casts Shadow Over Treasury Rally
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A huge block trade seen Tuesday in US Treasury futures was the largest of its kind since 2013, and it may serve as a signal that the recent bond market rally is hitting a wall.
A single trader appears to have sold 78,000 contracts of benchmark June Treasury 10-year futures on Tuesday morning, London time — equivalent to a $5 million bet on each basis point change in the 10-year yield.